# Maxscend Microelectronics (300782.SHE)

Canonical: https://gigainvestors.com/s/300782.SHE

Analysis as of: 2026-10-16T07:37:39.919Z. Financial observations: FY2014–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 55.23 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.58×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: 0.33×

- FY2018: 0.31×

- FY2019: 0.37×

- FY2020: 0.44×

- FY2021: 0.48×

- FY2022: 0.30×

- FY2023: 0.27×

- FY2024: 0.08×

- FY2025: -0.08×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 7.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 54.0%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 7.0 pp

- Typical gross margin (annual median): 51.3%

- Recent gross margin (lower of latest and 3-year median): 44.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.0%

- ROIC including acquisitions, ten-year median: 27.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: 80.2%

- FY2019: 68.6%

- FY2020: 98.2%

- FY2021: 39.4%

- FY2022: 14.6%

- FY2023: 12.7%

- FY2024: 3.2%

- FY2025: -2.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: -0.63×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -2.8B

- Net income, five-year total: CNY 4.5B

- Return on incremental invested capital: -2.4%

- Working capital / revenue, annual change: 4.5 pp

- Working capital / revenue, change between three-year averages: 29.7 pp

- Working capital / revenue, final three-year average: 51.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.25×

- FY2022: -0.51×

- FY2023: -0.36×

- FY2024: -2.04×

- FY2025: 1.96×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 118.4% vs 3.2%

- Per-share earnings: 0.23 to 0.75 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.2%

- Ordinary dilution, 5-year annual growth: 0.6%

- Diluted shares, 10-year annual growth: 4.2%

- Diluted shares, 5-year annual growth: 0.6%

- Per-share value growth: 16.3%

- Per-share value change: CNY 0.53

- Per-share value, starting three-year median: CNY 0.23

- Per-share value, ending three-year median: CNY 0.75

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 172M

- Cumulative net income, 10 years: CNY 6.4B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 3.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.23

- FY2017: CNY 0.44

- FY2018: CNY 0.42

- FY2019: CNY 0.96

- FY2020: CNY 2.07

- FY2021: CNY 4.00

- FY2022: CNY 2.00

- FY2023: CNY 2.10

- FY2024: CNY 0.75

- FY2025: CNY -0.50

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: 11.4%

- FY2018: 5.2%

- FY2019: 23.0%

- FY2020: 2.2%

- FY2021: 11.7%

- FY2022: 1.3%

- FY2023: -7.0%

- FY2024: 2.3%

- FY2025: -2.4%

## Holders

## Price story

Down 76% since Nov 2021 · sales -17%

Story as of 2026-10-16T10:00:09.367Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -17%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 385M 

- FY2017: CNY 592M 

- FY2018: CNY 560M 

- FY2019: CNY 1.5B 

- FY2020: CNY 2.8B 

- FY2021: CNY 4.6B 

- FY2022: CNY 3.7B 

- FY2023: CNY 4.4B 

- FY2024: CNY 4.5B 

- FY2025: CNY 3.7B 

### Gross margin · FY2024

gross margin 35.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 61.0% 

- FY2017: 54.6% 

- FY2018: 50.1% 

- FY2019: 51.4% 

- FY2020: 51.2% 

- FY2021: 56.3% 

- FY2022: 44.5% 

- FY2023: 44.3% 

- FY2024: 35.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are CNY 3.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); FY2025: revenue 3726094600; grossProfit 3726094600; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300782.SHE: Maxscend Microelectronics Company Limited, together with its subsidiaries, engages in the research, development, production, and sale of radio frequency integrated circuits in China and internationally. The company offers RF front-end chip products, including RF switches, low noise amplifiers, filters, power amplifiers, and front-end modules; and IoT chip products, such as Bluetooth low energy microcontroller chips. Its products are used in smartphones, smart wearables, communication base stations, automotive electronics, Bluetooth headsets, VR/AR devices, network communication equipment, smart home devices, and other electronic products. The company was founded in 2012 and is based in Wuxi, China.

### Why customers stay

Margins ranged from 35.8% to 100% during 2023–25; it earns 54% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); FY2023: grossProfit / revenue = 44.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); FY2024: grossProfit / revenue = 35.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); 10-year return on capital observations [[2016,1.437339984790158],[2017,1.183841125716502],[2018,0.8020360459894742],[2019,0.6857345050139023],[2020,0.9815961123496817],[2021,0.3941544641904761],[2022,0.14638291902606307],[2023,0.12688399180590593],[2024,0.0320137089572372],[2025,-0.02299221226305502]]; median 0.5399444846021892. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); FY2016: growth capex 3285035; upkeep 1247959; owner earnings 84159412. Growth capex / owner earnings = 0.03903348326625666.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); FY2017: growth capex 4669266.958100952; upkeep 11072060.041899048; owner earnings 161577230.95810094. Growth capex / owner earnings = 0.028898050365225983.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); FY2018: growth capex 0; upkeep 28765657; owner earnings 140705347. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); FY2019: growth capex 29626760.291712016; upkeep 66621953.708287984; owner earnings 449778555.29171205. Growth capex / owner earnings = 0.06586965950943802.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); FY2020: growth capex 46081448.6016309; upkeep 107342121.3983691; owner earnings 994741847.6016309. Growth capex / owner earnings = 0.046325032683339325.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); Dividend observations: [[2016,5424343],[2017,111504],[2018,100000000],[2019,100000000],[2020,100000000],[2021,185311544],[2022,233513587],[2023,90746440.98],[2024,152041380],[2025,112038319.06]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 40.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300782.SHE SharesStats.PercentInsiders = 40.053 percentage points; cache date 2026-10-16.

### What the price says

The price is 7.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:39.919Z); Closing price 55.23 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 6.968004580589323; price multiple 7.926229003042487. FY2025 cash earnings/share -0.9827929771328464. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2019-06: CNY 68.07 per share

- 2019-07: CNY 151.56 per share

- 2019-08: CNY 190.00 per share

- 2019-09: CNY 234.34 per share

- 2019-10: CNY 234.82 per share

- 2019-11: CNY 257.56 per share

- 2019-12: CNY 256.48 per share

- 2020-01: CNY 293.12 per share

- 2020-02: CNY 364.37 per share

- 2020-03: CNY 266.25 per share

- 2020-04: CNY 398.51 per share

- 2020-05: CNY 342.89 per share

- 2020-06: CNY 253.61 per share

- 2020-07: CNY 274.25 per share

- 2020-08: CNY 245.62 per share

- 2020-09: CNY 236.12 per share

- 2020-10: CNY 271.09 per share

- 2020-11: CNY 351.87 per share

- 2020-12: CNY 356.59 per share

- 2021-01: CNY 395.00 per share

- 2021-02: CNY 393.75 per share

- 2021-03: CNY 380.62 per share

- 2021-04: CNY 267.01 per share

- 2021-05: CNY 266.17 per share

- 2021-06: CNY 335.94 per share

- 2021-07: CNY 251.97 per share

- 2021-08: CNY 236.88 per share

- 2021-09: CNY 220.00 per share

- 2021-10: CNY 193.24 per share

- 2021-11: CNY 234.25 per share

- 2021-12: CNY 204.25 per share

- 2022-01: CNY 161.80 per share

- 2022-02: CNY 168.53 per share

- 2022-03: CNY 131.20 per share

- 2022-04: CNY 115.95 per share

- 2022-05: CNY 121.25 per share

- 2022-06: CNY 135.00 per share

- 2022-07: CNY 96.15 per share

- 2022-08: CNY 101.74 per share

- 2022-09: CNY 88.41 per share

- 2022-10: CNY 92.36 per share

- 2022-11: CNY 115.11 per share

- 2022-12: CNY 114.30 per share

- 2023-01: CNY 133.88 per share

- 2023-02: CNY 117.30 per share

- 2023-03: CNY 124.40 per share

- 2023-04: CNY 101.53 per share

- 2023-05: CNY 88.64 per share

- 2023-06: CNY 96.63 per share

- 2023-07: CNY 120.39 per share

- 2023-08: CNY 124.10 per share

- 2023-09: CNY 116.70 per share

- 2023-10: CNY 150.70 per share

- 2023-11: CNY 138.50 per share

- 2023-12: CNY 141.00 per share

- 2024-01: CNY 92.34 per share

- 2024-02: CNY 107.50 per share

- 2024-03: CNY 101.59 per share

- 2024-04: CNY 90.77 per share

- 2024-05: CNY 86.81 per share

- 2024-06: CNY 77.74 per share

- 2024-07: CNY 77.15 per share

- 2024-08: CNY 66.35 per share

- 2024-09: CNY 92.89 per share

- 2024-10: CNY 95.68 per share

- 2024-11: CNY 92.78 per share

- 2024-12: CNY 89.70 per share

- 2025-01: CNY 78.35 per share

- 2025-02: CNY 83.39 per share

- 2025-03: CNY 80.15 per share

- 2025-04: CNY 74.85 per share

- 2025-05: CNY 70.46 per share

- 2025-06: CNY 71.37 per share

- 2025-07: CNY 74.34 per share

- 2025-08: CNY 82.79 per share

- 2025-09: CNY 83.12 per share

- 2025-10: CNY 74.69 per share

- 2025-11: CNY 69.21 per share

- 2025-12: CNY 81.48 per share

- 2026-01: CNY 78.30 per share

- 2026-02: CNY 80.19 per share

- 2026-03: CNY 79.73 per share

- 2026-04: CNY 99.62 per share

- 2026-05: CNY 108.10 per share

- 2026-06: CNY 109.58 per share

- 2026-07: CNY 67.92 per share

- 2026-08: CNY 78.98 per share

- 2026-09: CNY 70.17 per share

- 2026-10: CNY 60.48 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 4.13 per share, central CNY 4.60 per share, high CNY 5.24 per share

- FY2019: low CNY 9.84 per share, central CNY 10.95 per share, high CNY 12.42 per share

- FY2020: low CNY 19.00 per share, central CNY 21.21 per share, high CNY 24.16 per share

- FY2021: low CNY 30.70 per share, central CNY 34.27 per share, high CNY 39.02 per share

- FY2022: low CNY 21.17 per share, central CNY 23.78 per share, high CNY 27.25 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations